What is ICICI Bharat Laghu Udyam Suraksha Policy?

  • This policy covers the property if total assets value ranges above Rs 5 crore upto Rs 50 crore at policy commencement date.
  • It covers loss due to unexpected events which result to physical loss, damage or destruction of building and structures, plant and machinery, stock and other assets relating to your business.
  • Underinsurance is waived off upto 15 %
  • It provides inbuilt covers for :
    • Additions, alterations or extentions
    • Temporary removal of stocks
    • Start up expenses
    • Cost of removal of debris
    • Stocks on Floater basis
    • Cover for specified contents*
    • Professional Fees
    • Costs compelled by Municipal regulations
  • All Small and Medium level enterprises like hotels, restaurants, offices and others are eligible for this policy.
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Bharat Laghu Udyam Policy Online

Who needs it?

  • Small Business owners
  • Medium Business owners
  • Large Business owners

Why ICICI Lombard?

One of the leading General Insurance Company with following strengths:

1

Expertise in risk minimization and mitigation

2

Special value added services team dedicated for risk advisory and safety installations

3

Speedy claims settlement with single documentation

4

Financial strength and supreme claims paying capacity

Why do you need it?

Our business are prone to risks like fire eruption, therefore property insurance becomes all the more crucial to have as it provides a comprehensive protection against damages caused due to fire explosion and other risks. Besides fire related perils, the policy also covers damages caused due to natural calamity, bursting of water tanks, theft etc.

Bharat Laghu Udyam Insurance

What is covered by ICICI Bharat Laghu Udyam Suraksha Policy?

Below are the detailed inclusions and exclusions of Bharat Griha Raksha:

  • Burning of Insured Property by any order of Public authority
  • Loss, destruction or damage to stocks in cold storage due to change in temperature
  • War, invasion, war-like operations
  • Pollution or contamination
  • Consequential or indirect loss or damage
  • Insured premised or building remains unoccupied for more than 30 days
  • Deliberate, wilful or intentional act or omission
  • Loss, destruction or damage to insured property by undergoing any heating, drying process or centrifugal Forces
  • Ionising radiation
  • Property is missing or has been mislaid
  • Costs, fees, expenses for preparing any claim
  • Fire
  • Lightning
  • storm, cyclone, typhoon, tempest, hurricane, tornado, tsunami, flood and inundation
  • Forest fire, bush fire, jungle fire
  • Missile testing operations
  • Acts of terrorism
  • Bursting or overflowing of water tanks, apparatus and pipes
  • Theft within 7 days from the occurrence of and proximately caused by any of the above insured events
  • Explosion or Implosion
  • Earthquake
  • Subsidence of the land on which your home building stands, landslide, rockslide
  • Impact damage of any kind, i.e. damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • Riot, strike, malicious damages
  • Leakage from automatic sprinkler installations.

Get answers to common questions about ICICI
Bharat Laghu Udyam Suraksha Policy

Get answers to common questions about ICICI Bharat Laghu Udyam Suraksha Policy

Who is required to take PL non industrial insurance policy?

Upon occurrence of an insured peril, these are the costs incurred by insured (on actual basis) at the time of reinstatement of property due to change in municipal regulations.
Impact damage of any kind means damage caused by impact, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.).It is similar to the traditional accidental damage.
Partial selection of asset is not allowed. The policy allows cover for complete value of plant and machinery, stocks and FFF at the risk premise.
Yes, both are same as per product wordings.
For building, plant and machinery, furniture, fixture and fittings and any other contents:
  • Reinstatement Value

For Stocks:
  • For raw material: Landed Cost at your premises
  • For stock in process: Input Cost of the stock at the time of damage,
  • For finished stock: the Manufacturing Cost of the finished stock or the Contract price of goods sold but not delivered.
It is new replacement value where the idea is to put the insured in the same position as he was just before happening of the incident/claim.
Bullion or unset precious stones, any curious or works of art are excluded from the policy. However, these items can be covered if you specifically declare such amount and it is recorded in policy schedule.
No, it is including plinth and foundation.

Whether there will be an impact on policy wording due to increase in policy sum insured, once it falls in next sum insured slab i.e. policy sum insured changes from 0-5 Cr slab to 5-50 Cr slab?

During mid-term, there will be no impact on policy wording due to sum insured increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected while policy issuance.
Losses / damage due to theft will be covered within 7 days from occurrence of an insured peril.
Presently, sum insured limits of inbuilt covers are fixed as per IRDA guidelines.
Provides insurance cover for physical loss or damage to, or destruction of insured property against fire and allied Perils.
  • Fire, including due to its own fermentation, or natural heating or spontaneous combustion
  • Explosion or Implosion
  • Lightning
  • Earthquake, volcanic eruption, or other convulsions of nature
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation
  • Subsidence of the land on which Your Premises stand, Landslide, Rockslide
  • Bush fire, Forest fire, Jungle fire
  • Impact damage of any kind, i.e., damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • Missile testing operations
  • Riot, Strikes, Malicious Damages
  • Acts of terrorism
  • Bursting or overflowing of water tanks, apparatus and pipes
  • Leakage from automatic sprinkler installations.
  • Theft within 7 days from the occurrence of and proximately caused by, any of the above insured events
ICICI Bharat Laghu Udyam Suraksha Policy can be taken for all properties except individual dwellings and housing societies. assetsSME that can covered under the policy are building including plinth, basement and additional structures, plant & machinery , stocks – raw material, finished goods and stocks in process, other contents.
No, Any consequential or indirect loss or damage of any description, i.e. losses or extra costs (financial or non-financial) that follow or are a consequence of an insured event, like, loss by delay, loss of income or wages or earnings, or of market, or of time, medical expenses, or any costs not covered by this policy.
  • We will deduct 5 % of each claim, subject to a minimum of ₹ 10,000 (Rupees Ten Thousand) for each and every loss suffered by you.
  • Deliberate, wilful or intentional act or omission
  • Insured building remaining continuously unoccupied for a period of more than 30 days unless
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation
  • Subsidence of the land on which Your Premises stand, Landslide, Rockslide
  • Bush fire, Forest fire, Jungle fire
  • Impact damage of any kind, i.e., damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • Pollution or contamination
  • Ionizing radiation
  • Acts of terrorism
  • Missing/Mislaid Property
  • War, invasion, war like operation
  • Consequential or indirect loss or damage
  • Other exclusion as per ICICI Bharat Laghu Udyam Suraksha Policy wordings.

What are provisions in the policy to exclude inbuilt perils (ex. STFI) to arrive at reduction in price?

There are no provision in the policy to exclude inbuilt perils.
In these products, underinsurance is waived up to 15%, but beyond that underinsurance is applicable to full extent.
At the request of the insured, sum insured under the policy can be increased / decreased subjected to payment of premium.
Extension of short period policy is not possible, however annual policy can be issued on completion of short period.
Floater is an inbuilt cover in ICICI Bharat Sooksham Udyam Suraksha Policy but it is optional cover under ICICI Bharat Laghu Udyam Suraksha Policy.Floater is an inbuilt cover in ICICI Bharat Sooksham Udyam Suraksha Policy but it is optional cover under ICICI Bharat Laghu Udyam Suraksha Policy.
No.

Does the ICICI Bharat Laghu Udyam Suraksha Policy cover the entire claim?

Yes. Excess amount of 10,000/- for each claim is deducted and remaining is paid.
Excess of 5 % of each claim, subject to a minimum of ₹ 10,000 (Rupees Ten Thousand) and for terrorism risk the Excess shall be as per the clause attached with a policy.
If You suffer a loss that is covered by this policy, you must make a claim. We will verify the claim and accept it if it is according to the terms and conditions of this policy. When you suffer loss to any insured property because of an insured event, you must:
  • give notice to us immediately,
  • report to police, fire authorities and other appropriate legal authorities
  • take all reasonable steps to prevent further damage to insured property
  • preserve and collect evidence, take and preserve photographs,
  • assist us and our representatives in collecting evidence and details, give us all information, books of accounts, and other documents etc,
  • submit claim form at the earliest opportunity but within 30 days from date you first notice the loss or damage.